All Forum Posts by: Shoor Kalam

@Joe Gore... should receive the proof of funds letter either today or Monday from my hard money lender. If you have any leads you can email me at [email protected] and we can go from there

@Jon Klaus: Yessir... looking to buy and hold

Really appreciate the feedback guys. And if a deal comes across your desk in the Dallas area that you can't work, please feel free to contact me. I'm trying to get my first deal under my belt.

@Jon Klaus, no I did not make the initial deposit.

Thanks guys. To clarify, I saw the property on myhomedeals.com on Tuesday, and was told Thursday that I needed to give the $7,500 or else the deal would die. I tried to see it from his perspective as much as I could, but in the end it was the $7500 that made me say thanks but no thanks.

Hi guys. Just wanted to share my story and get some input... hopefully some affirmation that I did the right thing. If I didn't do the right thing, then I'll have to chalk it up to a learning experience I suppose.

Ran the numbers on a property in Grand Prairie, TX and it was showing a cash flow of $535 a month with about $17,000 out of pocket using hard money. Wholesaler was asking for a $2,500 non-refundable earnest money deposit to put the property under contract. Nothing out of the ordinary I thought, and I went to my lender to start getting everything in order.

That's when it started getting weird. The wholesaler was calling me daily, pressuring me to get a close date from the lender. In addition, he asked for an additional $5,000 in earnest money to "show we're serious and convince the seller to give him an extension on his wholesale contract" and "if we don't get your answer and the earnest money today then this deal will die".

I'm the kind of person that reacts negatively to sales pressure. In addition, the thought of giving $7,500 in earnest money without getting the chance to see the property really set my spidey sense off. So I told him thanks but no thanks and walked away.

My question is, is this type of sales pressure/jacking up earnest money normal? Was I right to walk away?

Paul Timmins Thanks for the tips! I've definitely got a lot of reading/research to do :)

Alexander Bustos, I'm not going to be able to make it on 8/16 due to a previous engagement, but definitely keep me in the loop for future meetups, I'd love to meet everyone

Corey, this is great information. I'm new at this, so I do have one question: What information or documentation do asset-based lenders like to see from borrowers that will attest to the final ARV of a property/total loan amount?

Thanks Steven... based on the thread I'd probably do an LLC (landlord, no partners), but I'll definitely talk to someone as I get close to completing a deal. Thanks for the reply!